South Korea Uncovers 7.2 Trillion Won in Illegal FX Transactions in First Half of 2026

According to Yonhap, South Korea's Korea Customs Service said it uncovered 7.2 trillion won ($4.92 billion) in illegal foreign exchange transactions in the first half of 2026 as the government seeks to curb volatility in the currency market. The agency said it found 792 cases between January and June involving illegal transfers of foreign currency overseas and the concealment of assets abroad. It also said some cases involved receiving export proceeds in cryptocurrencies instead of legal tender such as the U.S. dollar, preventing foreign-currency earnings from being brought back to South Korea. Customs Commissioner Lee Jong-wook said staff should keep up strict enforcement against illegal foreign-currency transfers and noted the agency will deepen cooperation with relevant bodies, including the finance ministry, as foreign-exchange volatility remains a major risk for the South Korean economy.